Probate Q&A Series

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Probate Q&A Series ·

How do executor fees or commissions work when the estate is insolvent and the main asset is being sold to pay secured debt? NC

How do executor fees or commissions work when the estate is insolvent and the main asset is being sold to pay secured debt? – North Carolina Short Answer In North Carolina, an executor’s commission is not automatic in an insolvent estate. The Clerk of Superior Court typically allows a reasonable commission only after reviewing the…

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Probate Q&A Series ·

What happens if the final accounting isn’t completed in time for a trust company’s committee deadline? NC

What happens if the final accounting isn’t completed in time for a trust company’s committee deadline? – North Carolina Short Answer In North Carolina, a trust company’s internal committee deadline does not control the legal deadline for an executor (personal representative) to finish an estate. If the final accounting and “closing package” are not ready…

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Probate Q&A Series ·

How can the condo and other assets be secured and managed while the estate appointment is pending? NC

How can the condo and other assets be secured and managed while the estate appointment is pending? – North Carolina Short Answer In North Carolina, most estate assets cannot be sold, transferred, or accessed through banks until a personal representative is officially appointed and “qualified” by the Clerk of Superior Court. While the appointment is…

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Probate Q&A Series ·

What steps are still required to officially close an estate after the house is already sold and everything seems finished? NC

What steps are still required to officially close an estate after the house is already sold and everything seems finished? – North Carolina Short Answer In North Carolina, selling the house and making distributions usually does not “close” the estate by itself. To officially close an estate, the personal representative typically must file a final…

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